Business News: Grange Insurance, CNA/Aon Affinity Partnership, Verisk

Ohio-based Grange Insurance launched a new 36-month commercial insurance package policy. The 36-month package policy gives commercial policyholders that qualify the opportunity to have consistent, stable rates, terms and conditions for 36 months, or three years, along with a simple, streamlined annual update process.

Though the rate, terms and conditions will remain the same, 36-month policyholders can still update their insurance policy mid-term and adjust the overall premium to reflect business changes and changes in risk exposure, such as adding more employees or streamlining operations. Businesses can also pair the 36-month policy with other annual policies within a single account.

Most recently, the company launched a new cyber coverage for businesses in 2016 that gives policyholders access to cyber security protection services from CyberScout.

CNA and Aon Affinity, the affinity business of Aon plc, have joined forces to offer dental firms nationwide a contemporary insurance solution. This powerful partnership, with nearly 100 years of combined experience in the dental malpractice insurance market, capitalizes on the marketing, distribution, underwriting, risk control and claims expertise of both organizations, to provide malpractice coverage which meets the evolving needs of dental practices.

The CNA-Aon Affinity program is expected to begin serving dental practices nationwide in December, 2017.

Verisk Analytics, Inc., has signed a definitive agreement to acquire LCI, a provider of risk insight, prediction, and management solutions for banks and creditors. LCI is based in Burlingame, California.

The purchase price is $151 million, to be paid in cash to stockholders of LCI. The transaction is expected to close during the third quarter of 2017, subject to the completion of customary closing conditions.